Lifehacker recently wrote up an article by J.D. Roth over at Get Rich Slowly called Mortgage Prepayment Made Easy: Own Your Home in Half the Time. Roth goes through all the various options of getting your mortgage paid off early and throws out the most common suggestions of:
Refinancing from a 30 to 15 year mortgage
Signing up for your bank's bi-weekly payment program
Making one extra payment a year
Paying an extra $100 per month
Instead, he suggests pre-paying the next month's principal in addition to each monthly payment.
And although he acknowledges that a lot of financial folks say that paying off a low interest loan is silly, he still thinks the psychological freedom of owning your home outright is worth it.
What do you think? Do you do anything to try to pay off your mortgage early? Or do you think that money is better off invested somewhere else?
Pay Off Your Mortgage in Half the Time - Lifehacker
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